Valeant Pharmaceuticals International Inc VRX
Q2 2011 Earnings Call Transcript

Transcript Call Date 08/04/2011

Operator: Good morning. My name is Stephanie and I will be your conference operator today. At this time, I would like to welcome everyone to the Valeant Pharmaceuticals Second Quarter Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

I would now turn the conference over to Laurie Little. You may begin.

Laurie W. Little - IR: Thank you, Stephanie. Good morning, everyone, and welcome to Valeant's second quarter 2011 financial results conference call. Joining us on the call today are J. Michael Pearson, Chairman and Chief Executive Officer; Rajiv De Silva, President and Chief Operating Officer of Specialty Pharmaceuticals; and Phil Loberg, Valeant's Interim Chief Financial Officer. In addition to a live webcast, a copy of today's slide presentation can be found on our website under the Investor Relations section.

Certain statements made in this presentation today may constitute forward-looking statements. Please see Slide 1 for important information regarding forward-looking statements and associated risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. The Company undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes.

In addition, this presentation contains non-GAAP financial measures. For more information about non-GAAP financial measures, please refer to Slide 1. Non-GAAP reconciliations can be found in the press release issued earlier today and posted on our website.

Finally, the financial guidance in this presentation is effective only as of today August 4. It is our policy to update our firm guidance only through broadly disseminated public disclosure.

With that, I'd like to turn the call over to Mike Pearson.

J. Michael Pearson - Chairman and CEO: Thank you, Laurie. My script says good morning, but apparently it's not a great morning, but anyways good morning to everyone and thanks for joining us. We are pleased to discuss what we believe is our strong financial and operational results for the second quarter of 2011. On today's call I would like to first review our second quarter results, talk a little bit about our organic growth results, highlight some of our recent business development activities, Rajiv will then update you on ezogabine and retigabine and our U.S. Neuro & Other performance, Phil will provide more details about our second quarter financial performance, and finally I will briefly discuss our new guidance for the rest of 2011.

Each of our businesses again delivered solid results that contributed both to the top and bottom line performance. On the top line, we delivered total revenue of $609 million, which included $40 million from the receipt of a milestone from GSK for the launch of Trobalt in Europe. Our cash EPS for the second quarter came in at $0.73, which includes the investment gain we realized from the shares in Cephalon, which represented $0.06 per share. More important, our adjusted cash flow from operations was $260 million for the second quarter.

Read our Earnings Call Transcript disclaimer.
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